Ransomware is a malware (an intrusive software to steal data and damage or destroy computers and computer systems) designed to deny a user or organization access to files on their computer. By encrypting these files and demanding a ransom payment for the decryption key, cyber attackers place organizations in a position where paying the ransom is the easiest and cheapest way to gain access to their files.
According to Varonis.com, ransomware is an increasing threat to thousands of businesses worldwide. Since January 2023, there have been over 90,000 ransomware detections on endpoints. Ransomware attacks increased 13% in the past five years, with an average cost of $1.85 million per incident. The average ransom in 2023 was $1.54 million, almost double the 2022 figure of $812,380.The average downtime a company experiences after a ransomware attack is 22 days. And, 97% of organizations whose data was encrypted got it back.
Securing your business against ransomware involves a multi-faceted approach and a total team commitment to understating the threat ransomware poses. Ongoing awareness and having the appropriate security protocols in place is a great start. However, there are additional measures every organization can take to stay secure.
Employee Training – Educate your employees about the dangers of phishing emails and social engineering tactics, including sessions on recognizing suspicious emails and links.
Regular Backups – Regularly back up your important data and ensure that backups are stored in a separate location. This can help you recover your data without paying a ransom in case of an attack.
Update Software – Keep all software up to date, including operating systems and antivirus programs. Regular updates often include security patches that protect against known vulnerabilities.
Network Security – Implement strong network security measures, including firewalls, intrusions detection/prevention systems, and secure Wi-Fi networks. Limit access to sensitive information on a need-to-know basis.
Endpoint Protections – Install and regularly update endpoint security solutions on all devices connected to your business network. This includes antivirus and anti-malware software.
Security Policies – Establish and enforce security policies within your organization. This includes password policies, access controls, and procedures for reporting suspicious activity.
Incident Response Plan – Develop a comprehensive incident response plan that outlines the steps to take in case of a ransomware attack. This should include communication protocols, reporting procedures, and recovery steps.
Vendor Security – Assess and ensure the security practices of third-party vendors and service providers. Weaknesses in their systems could pose a risk to your business.
Regular Audits – Conduct regular security audits to identify vulnerabilities and address them proactively. This may involve hiring external experts to assess your systems and processes.
Cybersecurity Insurance – Consider investing in cybersecurity insurance to help mitigate financial losses in case of a ransomware attack.
Remember, cybersecurity is an ongoing process and staying vigilant is key to protecting your business against evolving threats like ransomware. If you’re unsure where to get started, you may want to consider reaching out to various experts and services including cybersecurity consultants, managed security service providers or an IT security company. When seeking assistance, make sure to select reputable and experienced professionals with a proven track record in cybersecurity who can tailor the solution to the size of your business and needs.
As an experienced payroll partner, Southland Data Processing also offers support to help keep payroll processing organized, compliant and accurate. Clients can expect to have access to a variety of resources, training and educational webinars to stay current with the latest news and information.
Our payroll professionals assist our clients with payroll, workforce management, benefits administration, and human resources needs. To get started or learn more about these solutions, simply contact us today.
We also invite you to meet with us today for a complimentary HR consultation and to learn how we can support objectives, overcome challenges, and address issues quickly and accurately.
For more information about our payroll services, please contact our payroll professionals at 909.946.2032. Or, click here and Let’s Talk!
For the latest updates, follow us on LinkedIn, Facebook, Twitter, YouTube, Instagram and TikTok for even more business tips and news.
*Southland Data Processing, Inc. (“SDP”) is not a law firm. This article is intended for informational purposes only and should not be relied upon in reaching a conclusion in a particular area of law. Applicability of the legal principles discussed may differ substantially in individual situations. Receipt of this or any other SDP materials does not create an attorney-client relationship. SDP is not responsible for any inadvertent errors that may occur in the publishing process.